The programme aims to raise per capita income to USD 5,797 by 2020; create 1 million new jobs; increase Foreign Direct Investments (FDIs) to USD 5 billion per year; and double exports to USD 20 billion per year by 2020.
Through this programme, the government will strengthen the drivers of growth and make growth more inclusive by undertaking macroeconomic, factor market, institutional and regulatory reforms to enhance the productivity and competitiveness of the economy.
These reforms are expected to raise private investment, especially knowledge-intensive and technology-driven FDIs for export growth in both goods and services.
The key strategic pillars highlighted in the programme are the strengthening of the macro economic framework which will have three prongs: fiscal consolidation, ensure price stability, and maintain a market-based competitive exchange rate, Strengthen the growth framework through empowering the private sector; incentivise domestic and foreign investment, revamp trade policy to enable an export-driven economy, and facilitate services expansion.
Reforms are to be introduced in land, labour and capital markets, develop economic and social infrastructure, improvement of social goods such as education, skill development, and healthcare.
Action will be taken to encourage the use of digital and other emerging technologies develop social safety nets to protect the most vulnerable population and undertake agricultural reforms to minimise food insecurity, and create inclusive growth by developing undeserved districts.